As methods and devices for engaging in transactions have increased, the problems and challenges that arise for merchants, who are required to adapt their systems in order to process transactions with a multitude of acquirer entities, have also increased.
There are many acquirers that work with payment processing networks to facilitate transactions. Some of these acquirers have specific guidelines and standards for the format of the authorization logs and captures files that they receive from various entities in the payment networks. For example, if a merchant wants to be able to accept payment from consumers using a multitude of payment methods, each from a different acquirer using a different payment processing network, the merchant must adapt their systems, establish a connection between its own systems and the systems of each acquirer, and format its messages to the specifications of each acquirer.
Merchants who are limited in their resources may find it financially and technically difficult to purchase new systems or technologically difficult to adapt their current systems to meet the requirements of each and every acquirer.
Further, there is a need to simplify existing payment processing systems, while at the same time, provide for enhanced functionality.
Embodiments of the invention address the above problems, and other problems, individually and collectively.